"The party is fully ready to go for fresh elections. If elections are held, we are confident of getting a clear mandate to rule Delhi," Upadhyay said.

He said that at present, BJP does not have numbers to form a government but it may explore the possibility of Lt Governor Najeeb Jung invites the party to take a shot at government formation.

The comments came hours after party-ruled central government announced power subsidy of up to Rs 1.20 per unit of electricity in the Delhi Budget which will benefit around 80 percent or 28 lakh of the city's total power consumers.

The party feels that the subsidy will help it politically.

Earlier this week, the newly appointed Delhi BJP chief had indicated BJP's willingness to form a government in the city after holding separate meetings with party MLAs and MPs.

However, a section of the senior Delhi BJP leaders were not in favour of cobbling up a government arguing that it was better to go to polls as BJP had come first in 60 of the 70 assembly segments in the Lok Sabha polls.

"We do not have the numbers to form a government in Delhi. But if we are invited by the Lt Governor, then we may explore the possibility," Upadhyay said.

Currently BJP, along with ally Akali Dal's lone MLA, has 29 legislators and will require the support of five more MLAs to prove majority in the assembly.

The BJP insiders said that at least five Congress MLAs have indicated that they are ready to form a separate group and support a BJP government. To evade provision of anti-defection law, they will need one more MLA to leave the party.

The party had emerged the single largest party after the Assembly polls in December last year with 32 seats including ally Akali Dal's one MLA in the 70-member House.

BJP fell four seats short of a simple majority and had refused to form government in December last year, saying that it did not have the numbers and will not resort to any ‘unfair means’ to take the reins.

AAP with 28 MLAs had later formed the government with support of eight Congress MLAs.

BJP's number came down to 28 in the House in May after three of its legislators Harsh Vardhan, Ramesh Bidhuri and Pervesh Verma were elected to Lok Sabha. With the resignation of three MLAs, the strength of the Assembly also went down to 67.

President's rule was imposed in Delhi on February 17 after 49-day AAP government had resigned. Lieutenant Governor Najeeb Jung is likely to send a report to the Centre shortly on the political situation in the city-state.